Australia banks cut rates on fixed home loans

Australia’s banks are cutting the cost of fixed-rate mortgages to their lowest in over two decades as a marked fall in funding costs and fierce competition combine to offer a glimpse of light in a moribund housing market.

Any easing in financial conditions will be welcomed by the Reserve Bank of Australia (RBA) which is counting on a revival in home building to help cushion the economy as a long boom in mining investment cools later this year.

via Business feed http://www.scmp.com/business/banking-finance/article/1147935/australia-banks-cut-rates-fixed-home-loans